Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE

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NOTES PAYABLE
6 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
NOTES PAYABLE

NOTE 5 – NOTES PAYABLE

 

During the year ended December 31, 2015, the Company received short term loans from three creditors for a total of $354,000. The loans are uncollateralized, non-interest bearing and are due on demand. During the six months ended June 30, 2016, the Company added $1,400 to the balance due and repaid $35,000 for a balance due as of June 30, 2016 of $320,400.

 

The Company also has financing loans for its product liability and Director and Officer Insurance. The product liability was cancelled in April 2016. As of June 30, 2016 and December 31, 2015 the loans have a balance of $23,840 and $16,671, respectively, they bear interest at 5.99% and 6.7% and are due within one year.